Tips for Payment and Income Formats

Cashbook Format Transaction Options

POST GST transaction

Choose this option most of the time for payments or recording income (such as money received from grain co-op or stock broker)

Do not use for paying wages or salaries (instead choose Wages and tax deduction)

Automatically calculates GST as you add rows (splits) with Codes that require tax

Does not add GST for rows (splits) that are Coded for no tax (such as levies or bank fees)

Carries GST amounts from the payment or income details through to your BAS tax report

Supplier not registered for GST

Used for suppliers that have an ABN and state on the invoice that their business is not registered for GST (may be noted as “GST GNR” or “GST not registered”) (Usually when a supplier earns annual income below the ATO’s GST requirements)

Will not add GST to any row (split) of detail

If a detail item is GST-free, such as a levy, use the POST GST transaction NOT the Supplier not registered for GST option

Wages and tax deduction

Person is an employee receiving a wage or salary

Taxes withheld are withheld from the person’s paycheck

Withheld taxes are paid to ATO during the BAS (Business Activity Statement)

Withholding tax – no ABN

This situation is rare (ask the supplier for an ABN if none is listed)

Supplier does not provide an ABN or does not have an ABN and issues an invoice to you

Cash Book calculates a higher tax withholding

Supplier receives payment from you, less the tax amount

You pay the withheld taxes to the ATO during your BAS process

PRE GST Transaction

This Format option only appears for Agrimaster customers who have been using the system before July 2000. This allows customers to enter transactions before the Goods and Services Tax was implemented.